— Breaking News

ItalyMarch 16, 2018

Vivendi to examine Elliott comments with 'open mind' -3-

ItalyMarch 16, 2018

Eni sees production up avg 3.5%/yr in 2018-2021

Entering new phase of industrial expansion - CEO
(Il Sole 24 Ore Radiocor Plus) - London, 16 Mar - Italian
oil and gas group Eni is entering a "new phase of industrial
expansion", said chief executive Claudio Descalzi, as the
company presented plans to increase production an average
3.5% year in the 2018-2021 period.
Presenting its new industrial plan for the period to 2021 to
investors in London, Eni said production was forecast to rise
4% this year.
"Over the last years we have transformed Eni, making it
strong operationally and financially. Now we are entering a
new phase of industrial expansion and a strong growth in
value, guided by a deep business integration and a continued
focus on efficiency and financial discipline.
"In a world that requires increasing decarbonisation, our
low-cost resources, our commitment on a global scale for
natural gas and our unique business model in renewables
represent a competitive advantage," he said.
A24-Hob
(RADIOCOR) 16-03-18 12:52:09 (0302) 5 NNNN

ItalyMarch 16, 2018

Salini not interested in Astaldi, Condotte

ItalyMarch 16, 2018

Eurozone Q4 hourly labor costs up 1.5% yr/yr

ItalyMarch 16, 2018

Eurozone Feb CPI up 0.2% mth/mth, up 1.1% yr/yr

Revised from up 1.2% yr/yr
(Il Sole 24 Ore Radiocor Plus) - Brussels, 16 Mar -
Consumer prices in the eurozone in February rose a monthly
0.2% and increased an annual 1.1%, according to data released
by Eurostat, the statistical office of the European Union
that noted that the year on year figure had been revised from
up 1.2% in the flash reading at the end of February.
In the 28 countries of the EU, CPI rose a monthly 0.1% and an
annual 1.3%.
The lowest annual rates were registered in Cyprus (-0.4%),
Greece (0.4%), Denmark and Italy (both 0.5%). The
highest annual rates were recorded in Romania (3.8%), Estonia
and Lithuania (both 3.2%).
Compared with January, annual inflation fell in eighteen
member states, remained stable in two and rose in seven.
The highest contribution to the annual euro area inflation
rate came from services (+0.57 percentage point), followed by
food, alcohol & tobacco and energy (+0.21 pp each), and
non-energy industrial goods (+0.14 pp).
A24-Sch
(RADIOCOR) 16-03-18 11:18:07 (0225) 5 NNNN

ItalyMarch 16, 2018

Italy Feb CPI unchanged mth/mth, up 0.5% yr/yr

ItalyMarch 16, 2018

Newspaper headline round-up

ItalyMarch 16, 2018

Italy 10-yr govt bond spread vs Bund falls to 1.32 pct pts

ItalyMarch 16, 2018

Elliott has over 5% stake in Telecom Italia -3-

Points to investor concerns on strategy, governance
(Il Sole 24 Ore Radiocor Plus) - Milan, 16 Mar - In the
letter, Elliott highlighted Telecom Italia's "profound and
persistent share price underperformance", something it
believes reflects investors' concerns about both the
strategic direction and growing governance issues at the
company.
In terms of strategic failures, the fund pointed to an
obsolete capital structure, which currently gives Vivendi
disproportionate voting rights compared to its monetary
investment due to the existence of non-voting savings shares.
It noted that Vivendi blocked a conversion of these shares in
late 2015 despite declaring that it was in favour of a
conversion. In the more than two years since then, it has
failed to propose a new share conversion plan, Elliott said.
Elliott also pointed to limited progress on structural
transformations, noting that it believes a separate listing
or partial sale of network company NetCo following its
separation would maximize value and could reduce debt,
driving return for all shareholders. But the company remains
committed to owning NetCo outright, Elliott said.
"We would encourage the new board to examine: separating and
selling part of NetCo, yet maintaining a stake; disposing or
selling part of Sparkle; using proceeds to reduce leverage at
TIM; reintroducing a dividend," Elliott said.
The fund also listed a long list of corporate governance
failings and conflicts of interest on the part of Vivendi,
including the Telecom Italia board initially treating a
planned joint venture with Vivendi subsidiary Canal Plus as a
related party transaction with "minor relevance", thus
avoiding the requirement to get an independent assessment of
the deal before stock market regulator Consob required the
company to reclassify it as "major relevance". Vivendi also
broke Italy's Gasparri law by building both a controlling
stake in Telecom Italia and a large stake in Italian
broadcaster Mediaset, which Elliott said "has further
impaired Vivendi's relationship with the Italian regulator
and other Italian bodies".
A24-Hob
(RADIOCOR) 16-03-18 09:42:37 (0142) 5 NNNN

ItalyMarch 15, 2018

Retelit 2017 net 11.4 mln eur vs 2.8 mln

ItalyMarch 15, 2018

Bialetti 2017 revenues 178.6 mln eur, up 1.2%

Approves 2020 industrial plan
(Il Sole 24 Ore Radiocor Plus) - Milan, 15 Mar - Italian
coffee machine maker Bialetti posted 2017 revenues of 178.6
million euros at a constant exchange rate, up 1.2% from the
previous year.
Revenues from the company's own stores, which generate 47% of
total revenues, increased 19% to 83 million euros.
The company also approved the new industrial plan through
2020, with a focus on the promotion and sale of higher-margin
products, a larger presence in foreign markets, and a more
efficient retail network.
A24-Cia
(RADIOCOR) 15-03-18 20:44:49 (0833) 5 NNNN

ItalyMarch 15, 2018

Valsoia FY net 6.9 mln eur, down 21.3%

ItalyMarch 15, 2018

Elica FY net profit 1.4 mln eur vs 5.5 mln loss

FY revenue record 479.3 mln eur, up 9.1%
(Il Sole 24 Ore Radiocor Plus) - Milan, 15 Mar - Italian
range hood producer Elica said it swung to a net profit of
1.4 million euros in 2017 from a loss of 5.5 million the year
earlier, as revenue rose a reported 9.1% on the year earlier
and 10.2% on a like-for-like basis to a record 479.3 million.
Adjusted EBITDA amounted to 36.8 million euros, up 13.8% on
the year and making for an adjusted EBITDA margin of 7.7%.
Adjusted EBIT climbed 19.2% to 16.3 million euros for a
margin of 3.4%.
Revenue in Asia rose 13.9%, led by a 42% rise in revenue in
India, while revenue in the EMEA region and the Americas were
up 10.7% and 5.5%, respectively.
Net debt at end 2017 widened to 69.3 million euros at end
2017 from 60.8 million the year earlier.
A24-Hob
(RADIOCOR) 15-03-18 20:32:07 (0786) 5 NNNN

ItalyMarch 15, 2018

ASTM sees 2018 revenue up 25-30%, EBITDA up 5-7%

ItalyMarch 15, 2018

Eni Nooros gas field output hits 32 mln cubic meters/day

ItalyMarch 15, 2018

Europe shares end higher rebounding from trade war fears -2-

Generali rises, Telecom Italia lower
(Il Sole 24 Ore Radiocor Plus) - Milan, 15 Mar - Insurers
rose following the release of encouraging updates from Munich
Re and Generali.
German reinsurer Munich Re rallied in Frankfurt after it said
it now expects its 2018 net profit to reach 2.1-2.5 billion
euros, higher than the initial guidance of 2.0-2.4 billion
euros and that it would buy back another 1 billion euros
worth of share before the annual general meeting in 2019.
In Milan dealings, Italian insurer Generali gained 2.51% at
15.70 euros after it said its full year 2017 operating profit
came in at a record level of 4.895 billion euros, up 2.3%
thanks to the positive performance of the life segment and
the investments, asset & wealth management business as well
as the cost reduction reached two years ahead of schedule.
Also in Milan trade, shares in Telecom Italia closed 2.83%
higher at 0.81 euros after the group said that activist fund
Elliott has asked to add to the agenda of its annual general
meeting the revocation of six board members and their
replacement by six others.
Shares in French lender Societe Generale closed flat in Paris
the day after it announced that deputy chief executive Didier
Valet was leaving the company due to a divergence of
approaches.
A24-Cia
(RADIOCOR) 15-03-18 18:29:40 (0626) 5 NNNN

ItalyMarch 15, 2018

Europe shares end higher rebounding from trade war fears

FTSE 100 up 0.10%, DAX up 0.88%, CAC 40 up 0.65%
(Il Sole 24 Ore Radiocor Plus) - London, 15 Mar - European
share prices closed higher rebounding from recent losses, as
investors mostly shrugged off concerns over the White House's
trade policy.
After imposing tariffs on steel and aluminum imports, US
president Donald Trump is preparing new trade measures to
reduce China's 100 billion dollar annual merchandise surplus
with the US. Trump also nominated conservative commentator
Lawrence Ludlow as chief economic adviser, replacing Gary
Cohn.
In the region's stock market dealings, most sectors were
higher.
Investors also digested some upbeat corporate earnings
reports and kept an eye on political tensions after the UK
decided to expel 23 Russian diplomats on accusations that
Moscow tried to murder a former Russian spy and his daughter
on British soil with a military-grade nerve agent.
The leaders of the US, France, Germany and the UK agreed that
Russia is likely responsible for the poisoning of former
Russian double agent Sergei Skripal and his daughter with a
military-grade nerve agent in Salisbury, calling it "a breach
of international law."
Among the European companies releasing updates were
London-based international investment, savings, insurance,
and banking group Old Mutual, UK construction, services and
property group Kier, French oil and gas industry shipping
service provider Bourbon, Italian insurer Generali, Swedish
affordable fashion retailer H&M, German carrier Lufthansa and
German reinsurer Munich Re.
The London FTSE 100 closed up 0.10% at 7,139.76 points, the
Frankfurt DAX gained 0.88% at 12,345.56 points, the Paris CAC
40 added 0.65% at 5,267.26 points, while in Milan the FTSE
MIB jumped 1.16% at 22,713.47 points and in Madrid the IBEX
35 ended up 0.05% at 9,693.00 points.
A24-Cia
(RADIOCOR) 15-03-18 17:53:18 (0605) 5 NNNN